In the latest financial disclosures, fashion retailer Quiz has reported significant challenges, including a substantial pre-tax loss.
- Founded in 1993, Quiz has seen its group revenue decline from £91.7 million to £82 million in the fiscal year ending March 2024.
- The decrease in revenue has resulted in a pre-tax loss of £5.2 million, compounded by a £1.5 million non-recurring impairment charge.
- In an effort to counter these disappointing results, Quiz has initiated several operational changes aimed at improving future performance.
- CEO Sheraz Ramzan acknowledges the impact of macro-economic conditions but remains optimistic about the company’s turnaround strategy.
Fashion retailer Quiz, a company established in 1993 and based in Glasgow, faced a challenging fiscal year ending March 2024, with its revenue dropping from £91.7 million to £82 million. This decline contributed to a pre-tax loss of £5.2 million, a figure that does not include a separate £1.5 million non-recurring impairment charge.
The company’s gross profit also saw a decrease, falling from £56.5 million to £51 million, corresponding with an 11% drop in group revenue. However, despite reduced revenues, the gross margin improved slightly, rising from 61.6% to 62.2%, aided by higher levels of full-price sales.
Quiz operates 64 stores in the UK and four in Ireland, marking a substantial physical retail presence. Despite the loss, the company achieved an EBITDA of £0.9 million, a significant drop from the previous year’s £6.2 million. The loss has been attributed primarily to challenging macro-economic conditions affecting the retail sector.
Sheraz Ramzan, the CEO of Quiz, conveyed a sense of resilience and determination. He acknowledged that the results were disappointing but pointed to a clear plan for leveraging the brand’s strengths as an omnichannel retailer. He emphasized the implementation of several operational initiatives to support the company’s turnaround strategy.
Ramzan further expressed confidence in the long-term plan, despite acknowledging that trading conditions remain challenging. He commended the team for swiftly driving positive changes, which he believes will aid in building a more resilient business and achieving profitable growth in the mid-term.
Quiz remains committed to navigating current challenges and achieving sustainable growth.
